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NW Rochester retail center sells for $5.2 million

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NW Rochester retail center sells for $5.2 million
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A high-profile northwest Rochester commercial center sold for $5.2 million last week.

The 16-year-old retail center at 2870 41st St. NW was purchased by San Diego, Calif.-based HW Rochester LLCon Feb. 23. That center houses Five Guys Burgers and Fries , Scrubs & Beyond , Sushi Nishiki and other businesses at the entrance to the Rochester Marketplace area.

The sale shows how Rochester's commercial real estate market is heating up. Olmsted County estimated the building's market value at $3.48 million for 2016.

Sara Investment Real Estateof Madison, Wis. under the corporate name of Rochester Marketplace Property Group LLCsold the 17,920-square-foot center. The Wisconsin group purchased it in 2013 for $4.5 million.

That commercial strip at 2870 41st St. N.W. was built in 2000 as part of the overall Rochester Marketplace development by the Twin Cities developer Ryan Cos. US Inc.The building stands in front of Rochester's SuperTarget Northand the nearby Home Depotstore.

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Bishop Management Co., of Rochester, bought that piece of the development from Ryan Cos. for $4 million in February 2003. 2B Rochester Market Place, LLC, which is a Bishop company, made the sale to Sara Investment, according to Olmsted County property records.

Ryan sold the rest of its property in Rochester Marketplace in September 2003 to The Inland Real Estate Group of Companies, of Oakbrook, Ill.

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